Routes and Fees
Review our routes and fees for DAS Trader.
Most Popular
| Route | Adding | Taking | Description | Time of Operation (ET) |
|---|---|---|---|---|
| ARCAS | 0.002 | -0.0032 | Smart router. Posts on ARCA. No rebate for stocks <$1.00 | 4:00AM - 8:00PM |
| FAN* | 0.002 | -0.0032 | Virtu Smart router. Aggressively seeks execution when taking liquidity | 4:00AM - 8:00PM |
| NSDQS | 0.002 | -0.0032 | Smart router. Posts on Nasdaq. No rebate for stocks <$1.00 | 4:00AM - 8:00PM |
| EDGX | 0.002 | -0.0032 | EDGX Smart router | 9:30AM - 4:00PM |
| XALL* | -0.0032 | -0.0032 | Aggressive Smart router sweeps dark and lit destinations, execution over cost | 4:00AM - 8:00PM |
| XDAG | -0.0025 | -0.0025 | Most aggressive dark aggregator route. Sweeps major dark pool destinations | 9:30AM - 4:00PM |
| CLST* | -0.002 | -0.002 | Market maker route for OTCBB's | 9:30AM - 4:00PM |
Market Makers
| Route | Adding | Taking | Description | Time of Operation (ET) |
|---|---|---|---|---|
| MARKET (CPGO)* | -0.002 | -0.002 | Default Smart Router used for Market Orders | 9:30AM - 5:00PM |
| LIMIT (CPGO)* | -0.002 | -0.002 | Default Smart Router used for Limit Orders | 7:00AM - 5:00PM |
| CPMM | -0.0015 | -0.0015 | Market maker wheel route | 9:30AM - 4:00PM |
| XDRK | -0.002 | -0.002 | Market maker wheel route | 9:30AM - 4:00PM |
| HEAT | -0.002 | -0.002 | Market maker wheel route | 9:30AM - 4:00PM |
Smart Routers
| Route | Adding | Taking | Description | Time of Operation (ET) |
|---|---|---|---|---|
| ARCS* | 0.002 | -0.0032 | Smart router. Posts on ARCA. No rebate for stocks <$1.00 | 4:00AM - 8:00PM |
| ARCAS | 0.002 | -0.0032 | Smart router. Posts on ARCA. No rebate for stocks <$1.00 | 4:00AM - 8:00PM |
| EDGA | -0.0032 | -0.0032 | EDGA Smart router | 9:30AM - 4:00PM |
| EDGX | 0.002 | -0.0032 | EDGX Smart router | 9:30AM - 4:00PM |
| FAN* | 0.002 | -0.0032 | Virtu Smart router. Aggressively seeks execution when taking liquidity | 4:00AM - 8:00PM |
| MARKT | -0.0032 | -0.0032 | Smart router used for market orders | 9:30AM - 4:00PM |
| NITEP | -0.0025 | -0.0025 | Virtu passive algo smart router | 9:30AM - 4:00PM |
| XALL* | -0.0032 | -0.0032 | Aggressive Smart router sweeps dark and lit destinations, execution over cost | 4:00AM - 8:00PM |
| CFAN | 0.002 | -0.0028 | Aggressive Smart order router. Aggressively seeks execution when taking liquidity | 7:00AM - 5:00PM |
| NSDQS | 0.002 | -0.0032 | Smart router. Posts on Nasdaq. No rebate for stocks <$1.00 | 4:00AM - 8:00PM |
| AGGS | -0.0032 | -0.0032 | Aggressive Smart router sweeps dark and lit destinations, execution over cost | 4:00AM - 8:00PM |
Specialized
| Route | Adding | Taking | Description | Time of Operation (ET) |
|---|---|---|---|---|
| PMID | -0.0025 | -0.0025 | Mid-point route | 9:30AM - 4:00PM |
| PIOC | -0.001 | -0.001 | Immediate or cancel route. Best for marketable orders of very liquid stocks | 9:30AM - 4:00PM |
| PDRK | -0.0025 | -0.0025 | Dark pool route. Seeks alternative liquidity other than lit venues | 9:30AM - 4:00PM |
| PSMT | -0.0024 | -0.0024 | Aggressive route. Good for taking liquidity at lower rate | 9:30AM - 4:00PM |
| XDAG | -0.0025 | -0.0025 | Most aggressive dark aggregator route. Sweeps major dark pool destinations | 9:30AM - 4:00PM |
| XMID | -0.0025 | -0.0025 | Dark aggregator that sweeps major dark destinations executing at mid-pt. or better | 9:30AM - 4:00PM |
| ALGO | -0.0025 | -0.0025 | Algo Suite Order Entry | 9:30AM - 4:00PM |
| TWAP | -0.0025 | -0.0025 | TWAP route, will work the order from time of entry to 4:00 PM EST | 9:30AM - 4:00PM |
| DKAP | -0.004 | -0.004 | Dark pool TWAP route, will work the order from time of entry to 4:00 PM EST | 9:30AM - 4:00PM |
| TWAP2 | -0.0025 | -0.0025 | TWAP route, will work the order from time of entry for 2 minutes | 9:30AM - 4:00PM |
| TWAP5 | -0.0025 | -0.0025 | TWAP route, will work the order from time of entry for 5 minutes | 9:30AM - 4:00PM |
| TWAP15 | -0.0025 | -0.0025 | TWAP route, will work the order from time of entry for 15 minutes | 9:30AM - 4:00PM |
| TWAP30 | -0.0025 | -0.0025 | TWAP route, will work the order from time of entry for 30 minutes | 9:30AM - 4:00PM |
| TWAP60 | -0.0025 | -0.0025 | TWAP route, will work the order from time of entry for 60 minutes | 9:30AM - 4:00PM |
OTCBB
| Route | Adding | Taking | Description | Time of Operation (ET) |
|---|---|---|---|---|
| ARCAE <$1 | -0.0035 | -0.0035 | ARCA Smart router for OTCBB's under $1 | 9:30AM - 4:00PM |
| ARCAE | -0.004 | -0.004 | ARCA Smart router for OTCBB's over $1 | 9:30AM - 4:00PM |
| SPDRM | -0.002 | -0.002 | Market maker wheel route for OTCBB's | 9:30AM - 4:00PM |
| DBOT | -0.001 | -0.0045 | DBOT Smart router | 9:30AM - 4:00PM |
| CLST* | -0.002 | -0.002 | Market maker route for OTCBB's | 9:30AM - 4:00PM |
| OTCX** | -0.001 | -0.0045 | OTCX router | 9:30AM - 4:00PM |
| PUMA | -0.002 | -0.002 | Market maker route for OTCBB's | 9:30AM - 4:00PM |
| OTCP | -0.0035 | -0.0035 | Wheel route for OTCBB's, includes seeking liquidity in dark pools | 9:30AM - 4:00PM |
Rates are subject to change at any time. Please call the support desk for most up to date pricing (1-844-811-0118).
Adding liquidity for stocks <$1.00 will incur a charge of 0.0005
Route times are Eastern Standard Time
On DAS, all routes above will end in ‘L’ or ‘M.’ Use ‘L’ for Limit orders and ‘M’ for Market orders
Regulatory Fees:
SEC: 0.00002290 (Multiply this amount by the principal amount sold)
FINRA TAF: 0.000119/share $5.95 max. Covers sales of exchange registered securities. Multiply by # of shares sold.
NSCC, DTC Fees: 0.00004/share (Maximum 0.5% of trade value)
Disclosure:
All routes are directed to other broker dealers for execution. The descriptions listed above are based on information provided to us by these brokers. The smart routers, and logic programmed into the routers that determines order destination, is under full control of the brokers that receive the orders.
**Any stock under $1/share will incur a $0.0045/share routing fee when using the OTCX route.